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Strategic Asset Management – A Framework For Consistent, Repeatable, and Transparent Decision-Making

In order to achieve your company’s objectives, you must have a clear understanding of your assets and how they work together. Strategic asset management is a system that allows for consistent, repeatable and transparent decision-making and actions that are based on a comprehensive assessment of costs, benefits, and risks throughout the lifecycle of physical assets. Find functional dependencies that can be prioritized for preventive and scheduled maintenance, and decrease unplanned downtime. Maximize your value by determining the best combination of performance and costs across your entire infrastructure.

The strategic asset management process is a comprehensive and progressively extensive set of documents, processes, and digital tools that align investments in physical infrastructure in line with the overall goals of the company’s strategic plan. It starts with a thorough, top-down analysis of long-term physical infrastructure investment options. This includes balancing capital as well as operational expenses from a total expense (TOTEX) viewpoint, taking advantage of information on the condition of assets, and considering current service levels and community needs.

The process can also be used to inform staffing, resource planning, and plan for replacement or upgrade using the right data. It can also be used to reduce work orders, thus reducing downtime and increasing the efficiency of your operation team.

In the end, the process is a good way to establish the strategy for achieving sustainability goals while optimizing the utilization of assets. This can be achieved by load balancing, asset sharing or redeployment strategies. It may also require the implementation of new contracts or reviewing current ones with suppliers or contractors in order to enhance the efficiency of energy and environmental performance.

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